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Alcon May Struggle To Meet 2023 Margin Targets With This Latest Acquisition, Says This Analyst

Alcon May Struggle To Meet 2023 Margin Targets With This Latest Acquisition, Says This Analyst

这位分析师表示，通过最新的收购，爱尔康可能难以实现2023年的利润率目标
Benzinga Real-time News ·  2022/08/23 15:28
  • Earlier today, Alcon AG (NYSE:ALC) agreed to acquire Aerie Pharmaceuticals Inc (NASDAQ:AERI) for around $770 million, or $15.25/share, to be financed with short- and long-term debt. 
  • Aerie's most recent 2022 revenue guidance is $130-140 million, and ALC expects the deal to be accretive to core EPS in 2024. 
  • Needham says it will wait to update the model until the deal closes, which is expected in 4Q22. It keeps the Buy rating with a price target of $85.
  • The analyst believes AERI's glaucoma franchise fits well with ALC's pharmaceuticals portfolio.
  • Needham says the deal is complementary; however, it could make it more difficult for ALC to reach its 2023 and potentially 2025 operating margin targets.
  • Management believes it can reach a low-20% operating margin in 2023 and the mid-20%s in 2025. 
  • While the deal should be accretive to ALC's gross margin, we expect it to be dilutive to ALC's operating margin by at least 2023.
  • Needham downgraded AERI to Hold from Buy, citing that the company was looking at potential M&A exits since the launch of Rhopressa/Rocklatan failed to meet expectations and financing the commercialization amid the slow-growing glaucoma franchise became more challenging.
  • Price Action: AERI stock is up 35.6% at $15.13, and ALC shares are up 0.09% at $68.00 on the last check Tuesday.
  • 今天早些时候，阿尔康股份公司(纽约证券交易所股票代码：ALC)同意收购艾瑞制药公司纳斯达克(Sequoia Capital：AAI)收购约7.7亿美元，合每股15.25美元，将通过短期和长期债务融资。
  • Airie最新的2022年收入指引为1.3亿-1.4亿美元，ALC预计这笔交易将在2024年增加核心每股收益。
  • 李约瑟该公司表示，将等到交易完成后再进行更新，交易预计将在22年第四季度完成。该公司维持买入评级，目标价为85美元。
  • 这位分析师认为，Aeri的青光眼专营权与ALC的药品组合非常吻合。
  • 李约瑟表示，这笔交易具有互补性；然而，它可能会使ALC更难实现2023年乃至2025年的营业利润率目标。
  • 管理层认为，它可以在2023年达到低至20%的营业利润率，在2025年达到20%的中值。
  • 虽然这笔交易应该会增加ALC的毛利率，但我们预计至少到2023年，它将稀释ALC的营业利润率。
  • Needham将Aeri的评级从Buy下调至持有，理由是该公司正在考虑潜在的并购退出，因为RHopressa/Rocklatan的推出未能达到预期，在增长缓慢的青光眼特许经营权变得更具挑战性的情况下，为商业化提供资金。
  • 价格行动：Aeri股价上涨35.6%，至15.13美元，ALC股价上涨0.09%，至68.00美元。
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